The contractor shall furnish a surety bond in the amount of fifty thousand dollars ($50,000), such bond to be executed by a responsible surety company authorized to do business in the State of Ohio. Bonds shall be furnished for the full period of each contract. In the event of legal determination of breach of contract, such bond shall be forfeited as liquidated damages.
The contractor agrees to indemnify the Municipality against all claims for damages or injuries arising out of these operations and to obtain the necessary insurance as outlined in this chapter and in the "Instructions to Bidders" portion of the contract document.
(Ord. 93-04. Passed 2-1-93.)